Fundstrat Managing Director Mark Newton believes that the Tesla stock is now “officially oversold” as the stock has been beaten down, but some believe there is at least one big move left in the stock.
Tesla stock is up 10% so far in 2023 following the stock taking a 65% plunge in 2022.
“Tesla is now officially oversold,” Newton said during an appearance on Yahoo Finance Live. “I’m looking right down under $100 right before Tesla’s earnings happen right towards the end of the month, and that’s when a lot of my own cycles start to show the chance for a bottom. We could bottom and start to rally into the spring.”
With analysts pointing to the risk of operational miscues at Tesla has grown as Elon Musk continues to focus on his new portfolio company Twitter, concerns remain around manufacturing issues and the pace of sales for Tesla in China amid COVID related policies, and the intensified competitive landscape in the EV space could all slow growth for Tesla not only this year, but also beyond 2023.
